Forex Daily Forecast, Analysis and Prediction

Gold prices reached $2,520 per ounce on Wednesday, setting a new all-time closing high as more dovish expectations from major central banks lowered bond yields and favored demand for non-interest-bearing bullion assets.

The Japanese yen is hovering near its highest level in two weeks.

Amid a bullish momentum, the Euro has risen above $1.1170, its highest level since July 2023, as expectations of US interest rate cuts by the Federal Reserve have weakened the US dollar.

The Euro has been very noisy during the trading session on Wednesday as we continue to bounce around the 0.95 level against the Swiss franc.

The USD/INR pair offers an absurd amount of challenges for speculators if they want to pursue wagers on direction.

The British pound has stabilized a bit during the trading session on Wednesday as the risk off move from the previous session has been somewhat abated.

The price range of the USD/PKR exchange rate remains a bit like a rubber-band.

It’s worth noting that the market is now pressuring the 50-Day EMA, which of course is the indicator that a lot of people used to determine the overall momentum of the market.

The New Zealand dollar has gone back and forth during the course of the trading session here on Wednesday as we wait for the FOMC meeting minutes.

I can see that we are consolidating yet again, and we have been compressing for some time.

The euro has pulled back just a bit during the early hours on Wednesday against the Canadian dollar.

The S&P 500 does look a little bit stretched on the Wednesday session. And even further, when you look at the stochastic oscillator which is crossing at almost the 100 level.

Looking at the gold market, my daily analysis suggests that gold will eventually go higher as we have gone back and forth over the last couple of days.

I can see that this index is trying to do everything it can to rally.

The US dollar has rallied a bit during the course of the trading session on Wednesday against the Mexican peso.